Delos Insurance Solutions, a property insurance MGA, has successfully closed a $9m Series A funding round.
The round was spearheaded by HSBC Asset Management and included notable participants such as IA Capital Group, Blue Bear Capital, and Generation Space, alongside several angel investors.
The San Francisco-based company, established in 2017 by aerospace engineers, has carved a niche in the insurance market by leveraging advanced satellite imagery and artificial intelligence to assess and insure properties in wildfire-prone areas. Unlike traditional insurers who have retreated from these high-risk zones, Delos offers a lifeline to homeowners facing limited insurance options due to escalating wildfire threats.
This new influx of $9m will be strategically utilised to broaden the company’s geographical reach beyond California and to innovate further in product development. Delos’s aim is to enhance accessibility to affordable insurance solutions for homeowners affected by wildfires, making a vital impact in regions most susceptible to these natural disasters.
Kevin Stein, CEO of Delos Insurance Solutions, expressed his gratitude and vision for the future, “”We are enjoying working with a great, supportive group of investment partners, as we embark on the next phase of the Delos journey. We are looking to provide insurance outside California and develop new products to help people obtain the affordable insurance they deserve.
“We scaled back our funding requirements for this round, despite being oversubscribed. This is due to our better-than-planned growth, market leading loss ratios, and the positive response from California homeowners.”
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